What is a PEP?

Audience: Business/End-user

A 'PEP' is a politically exposed person. They are usually an individual who holds a prominent public position or role in a government body or international organisation. Many PEPs hold positions that can be abused for the purpose of laundering illicit funds or other offences such as corruption or bribery, and are therefore considered to represent a higher compliance risk. As a result, businesses must perform enhanced due diligence when dealing with PEPs to prevent the misuse of their services for illegal activities.